Veteran trader Peter Brandt said Bitcoin remains one of the clearest markets for classical chart analysis. In a June 15 X post, he wrote: “There are few other markets that so neatly comply to understanding using classical charting principles as Bitcoin.” Yet his own weekly chart delivers a cautious signal — traders may need more patience before the uptrend resumes.
Brandt’s Weekly Chart: Weaker Structure Below Key Moving Average
Brandt’s chart marks multiple channels, wedges and consolidation zones across 2023 to 2026. The latest structure shows Bitcoin trading near $65,261, well below the 18-week moving average around $71,253. BTC has also broken below the rising channel formed earlier in 2026. The ADX indicator stands near 28.27, pointing to a moderately strong trend. ADX does not indicate direction, but the break below the channel and the moving average suggests downside pressure remains dominant.
CryptoQuant Data: Whale Selling Collapses, Accumulation Resumes
On-chain analytics firm CryptoQuant reports a sharp drop in selling pressure. The Bitcoin Inflow Coin Days Destroyed metric fell from 2.16 million to roughly 33,000 — meaning older coins have stopped flowing to exchanges at the previous pace. The earlier sell-off was most active in early June, when BTC dropped from about $71,300 to $63,800, as long-term holders moved coins to exchanges. Now the trend has reversed. More than 11,400 BTC (worth about $700 million) have moved from exchanges to private wallets in recent days, according to CryptoQuant. This suggests whales are once again accumulating.
Rebound Faces Resistance at $68,000, Volume Required
As crypto.news reported, Bitcoin climbed above $65,500 on Monday after a U.S.-Iran peace deal eased oil and inflation fears. At press time, BTC traded above $66,000, up about 3% in 24 hours, with a daily high near $65,893. The rebound places Bitcoin back near the upper end of the $60,000–$65,000 support zone. The next key resistance sits near $68,000, where sellers may attempt to stall the recovery. Technical signals remain mixed. The same report noted that BTC needs stronger volume above $68,000 to confirm buyer demand. Ongoing ETF outflows and broader market caution also weigh on sentiment.
Two Divergent Readings: Brandt vs. On-Chain Data
Brandt’s chart suggests Bitcoin may stay under pressure while it trades below the 18-week moving average and inside a weaker weekly structure. His view does not rule out a longer-cycle recovery, but it points to more patience before a confirmed upside break. CryptoQuant’s whale data offers a more supportive signal. If large holders continue withdrawing BTC from exchanges, selling pressure may ease further. Bitcoin’s next move depends on whether buyers can turn whale accumulation into a clean break above resistance. A failed move could refocus attention on last week’s lows near the $60,000 zone.